Mitsubishi Corporation

Press Room

September 24, 2010

Mitsubishi Corporation completes acquisition of Canada’s Penn West Energy Trust’s Shale Gas Development Project

Mitsubishi Corporation ("MC") has today announced that it has completed the previously announced 50% acquisition of Penn West Energy Trust ("PWE") natural gas development project centered in shale gas development in the Cordova Embayment of northeastern British Columbia, Canada under the agreement dated 24th August 2010.
 
As a result of the completion of the acquisition, an unincorporated fifty-fifty joint venture formed by Cordova Gas Resources Ltd., a subsidiary established by MC in Calgary, and PWE will further develop and produce shale gas in the Cordova Embayment and certain conventional gas assets in the Wildboy area.
 
Leveraging today’s acquisition, MC aims to secure a stable supply of energy resources by diversifying its asset holdings, including through further acquisition and development of unconventional natural gas sources such as shale gas as part of resource and energy strategy going forward.

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